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Bloomberg: Sunoco's $3.3B 7-Eleven deal hits snag from bondholders

Published 10/13/2017, 04:37 PM
© Reuters.  Bloomberg: Sunoco's $3.3B 7-Eleven deal hits snag from bondholders
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  • A group of Sunoco LP (NYSE:SUN) bondholders has told the company it intends to oppose an attempt to change the terms of the credit agreement governing ~$1.6B of bonds, Bloomberg reports, a step SUN has said is needed to complete the planned sale of more than 1,100 gas stations and convenience stores to 7-Eleven.
  • The debtholders are demanding more money and better protections to agree to the changes in the bond indentures, according to the report.
  • SUN settled 2.1% lower in today's trade after falling as much as 5.2%.
  • Now read: Challenger Dividend Dogs Led By Maiden Holdings Estimated Net Gains To September 2018

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